SJVN shares rose 11% in intraday trade on Thursday as a result of significant volume following the company’s commissioning of a 75 MW solar power project in Uttar Pradesh, reaching a four-year high of Rs36.55. (UP). The price of the state-owned electric utility company’s stock reached a high not seen since February 2018. On October 6, 2022, it reached a high of Rs33.95, which it surpassed today. The stock was getting closer to January 5, 2018, when it reached a record high of Rs40.15.
SJVN traded 10% higher at Rs 36.25 at 03:22 PM, outperforming the 0.4% increase in the S&P BSE Sensex. With a combined total of nearly 31 million shares passing hands on the NSE and BSE, the average trading volumes at the counter increased by a factor of over eight. In an exchange filing, SJVN stated that the business had begun commissioning its 75 MW solar power project, which is situated in Tehsil Kalpi, District Jalaun close to Kanpur, Uttar Pradesh. On October 30, 2022, the complete 75 MW capacity is anticipated to be put into service.
According to SJVN, the project will produce 168.34 million units (MUs) in the first year and 3919 MUs in total over a 25-year period. As a result, the balance sheet’s top and bottom lines will both improve by approximately Rs 45.11 crore annually. The firm announced that it had signed a 25-year Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Limited (UPPCL).
SJVN added that the firm’s renewable portfolio has a total capacity of 4007.5 MW, of which 179.5 MW are now in operation, 1370 MW are in the building phase, and 2458 MW are in various stages of implementation. After this 75 MW solar project is finished, the overall operating capacity will increase from 2016.5 MW to 2091.5 MW. The company’s Shared Vision, which calls for 5000 MW by 2023, 25.000 MW by 2030, and 50,000 MW by 2040, is in line with the Government of India’s target of 50% non-fossil fuel energy by 2030.
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